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ArabNet Beirut - Keynote: Open Banking - To be or not to be? by Open Bank Project

Simon Redfern introduces the why's, what's and how's of Open Banking and asks if its possible for banks not to be "open"

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ArabNet Beirut - Keynote: Open Banking - To be or not to be? by Open Bank Project

  1. 1. Open Banking To be or not to be? Simon Redfern, CEO simon@tesobe.com 12 June, 2019
  2. 2. Who are we? TESOBE • Berlin based tech and consulting team • Founded Open Bank Project (OBP) in 2010 • Inspired UK open banking The Open Bank Project • Leading Open Banking Solution • Standard Catalogue with 230+ APIs • Global developer and partner community • Global Tier 1 Customer Base 2
  3. 3. In the future, every bank will have an API Customers expect it! 33% of digitally active consumers globally use at least two FinTech services (*EY 2018) Good for Banks In the UK alone, Open Banking market could be worth £7.2bn by 2022 (*PwC 2018) Regulators want it! To date, 40 countries have adopted a form of Open Banking 3 (*TESOBE 2018)
  4. 4. Why should you care? Accelerate innovation with external partnerships. Identify, test and validate new business models Build, scale, manage and retire digital services faster. Drive downs costs in deployment and support your organisation to become more nimble REGULATORY COMPLIANCE Meet regulatory needs in your markets - and be ready for wider markets adopting open banking Innovate faster Speed time to market Get ahead! 4 EXTERNAL OPPORTUNITIES INTERNAL EFFICIENCIES
  5. 5. What are the O’s in Open Banking? OPEN SOURCE 5 OPEN STANDARDS OPEN DATA OPEN ACCESS OPEN INNOVATION
  6. 6. Open Banking around the world 6
  7. 7. What is PSD2? LEVEL PLAYING FIELD 7 CONSENTS SCA SECURITY NON REPUDIATION EXEMPTIONS QUALITY OF SERVICE
  8. 8. Which flavour depends on “The Why” ANTI CORRUPTION TRANSPARENCY 8 FINANCIAL INCLUSION, EDUCTION SUSTAINABLE ENERGY vs GLOBAL WARMING COMPETITION SECURITY, WATER, TRANSPORT HEALTH, AGRICULTURE + TOURISM
  9. 9. It’s a Journey! 9
  10. 10. What do the actors need? CUSTOMERS 10 REGULATORS STARTUPS CONSULTANCIES BANKS LAWYERS! IT FIRMS COMMUNITY
  11. 11. Open APIs are hard Banks willing to adopt an open API solution face similar challenges APIs are not just about deployment, it’s a business and cultural issue Design - Which API to expose? - How do I design them? - How to move beyond compliance? Build - How do we build APIs quickly? - How do we integrate with our legacy? Manage - How do we secure our APIs? - How do we control access? - How do we scale them? - How do we upgrade and maintain Operate - How do we attract 3rd party partners - How do we monitor? - How do we monetize 11
  12. 12. What is the Open Bank Project? The Open Bank Project is an open source API solution for banks + developer community. Global developer community Open Source API platform Open standards 12
  13. 13. Technical Overview 13 Bank Legacy Systems Core Banking Connectors API Gateway + Tools Pre-built Catalog Sandbox Env Compliance Add-ons Physical Virtual Private Cloud Public Cloud End-to-End Dev Experience OBP middleware solution connects to your legacy systems and abstract away the complexity of your legacy to expose modern and fintech-friendly APIs
  14. 14. 230+ Pre-built bank-specific APIs to accelerate Bank’s API rollout. Pre-built API Catalogue 14
  15. 15. OBP gives banks everything needed to run a successful API programme 15 End-to-End Developer Experience 15
  16. 16. Over 10,000 Fintech developers worldwide use Open Bank Project APIs 16 A global fintech developer and partner ecosystem
  17. 17. Some of the largest financial institutions rely on the Open Bank Project Built with input from many banks 17 we’ve worked with include leading and global tier one banks. Our technology has been used in over 60 client engagements.
  18. 18. Open Banking Journey 1. Sandbox TESOBEBank ● Deploy a branded Sandbox Env Generate test data ● Run Hackathon (Optional) ● No connection to the bank needed ● No data required ● Move to production env ● Connect to legacy ● Open limited number of APIs according to local regulatory specifications ● Run security and compliance tests ● Define regulatory scope ● Give access to legacy systems ● Training on OBP ● Open & connect more APIs (out of +200 existing OBP APIs) ● Source FinTech Partners & manage global dev community ● Active API monitoring ● Maintenance, improvement and support of the platform ● Define use cases for additional APIs ● Define partner profile & approve onboarding process ● Request new APIs & features 18 1. Experiment 2. Comply 3. Scale 6 months6 weeks Mile-stone
  19. 19. How To Be! 19 “And before you leave the market place, see that no one leaves with empty hands.” - Kahlil Gibran
  20. 20. 20 Simon Redfern, CEO Twitter @simsysims @OpenBankProject https://www.openbankproject.com/reports/ https://github.com/OpenBankProject Reports + Source Code

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